Borderless Capital launches a half-billion dollar fund for Algorand projects

Borderless Capital plans to use its $500 million fund for projects that will power the “next generation of decentralized projects on Algorand’s blockchain.
Capital venture firm Borderless Capital launched a fund of $500 million to support projects built on the Algorand Blockchain. According to a Miami-based company’s Nov. 30 announcement, the Borderless Algo Fund II will support digital assets that power the “next generation” decentralized applications (DApps). We are excited to announce the launch of our $500M Borderless ALGO Fund II!https://t.co/EP0U6Ib8HV pic.twitter.com/okXf6GBFo8– Borderless Capital (@borderless_cap) November 30, 2021

The firm highlighted decentralized finance (DeFi), and nonfungible tokens (NFT) projects, noting that it is exploring opportunities to “disrupt” the creators economy with NFTs and accelerating the growth in funding into Algorand’s DeFi ecosystem. Borderless’s announcement comes at the same time that Matt Zhang, former Citi executive, introduced Hivemind Capital Partners, a multi-strategy fund with a $1.5 million capital, on Nov.29. This fund focuses on promising crypto plays like infrastructure projects and programmable cash. Algorand, an open-source decentralized blockchain developed by Silvio Micali, was announced as Hivemind’s first technology partnership. The blockchain was created for speed, security, and stability. It has been hailed as an Ethereum competitor in light of ALGO’s rapid growth in 2021. Arul Murugan (founder and managing partner of Borderless Capital) stated that Algorand is the most efficient and disruptive next-generation blockchain software currently on the market. Borderless Capital manages $400 million in Alogrand-focused funds and this new $500 million fund will add to that number. The firm closed earlier this month a $10 million fund that was focused on PlanetWatch, an Algorand-based decentralized air quality monitoring network. Related: Algorand launches virtual machine to increase smart contract capabilitiesAccording to data from DeFi Llama, Algorand is currently ranked as the thirty-sixth largest blockchain in terms of total value locked (TVL) in DeFi at $97.4 million. Yieldly (YLDY), which offers a suite DeFi apps and has a TVL total of $68.4 millions, is the top project on this network. Coingecko shows that ALGO’s price has risen 470% in the past 12 months and is currently at $1.86 as of this writing. ALGO’s record high was more than two decades ago. It briefly topped $3.50 in June 2019, before plummeting below $1.

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